The Internet of Things is one of the fastest growing markets today, and it is helping to change the digital ad industry in many ways. One of the many ‘sub categories’ of IoT is the Location of Things market. These are devices that can track their location for one reason or another. While the primary reason for location tracking is usually something like giving directions or hailing a ride, the data can also be used for very targeted marketing.
One recent report from Research and Markets said that from now until the year 2025, there will be an average rate of growth for Location of Things marketing of 34%. This will have the total market reaching $71 billion by 2025.
Most marketers and brands have yet to even begin to tap into the location based marketing, though those that have are seeing a lot of success.
Marketing within apps such as Uber, Google Maps, Waze, and others is a great way to reach people exactly where they are. The target audience will physically be near the products that are trying to be sold, which gives marketers and brands a unique opportunity for fast conversions.
As more and more people begin to use Location of Things devices, there is no doubt that this type of marketing will be leading the way in terms of profit generation, and customer service. While this type of marketing may not be right for every scenario, it has a lot of potential and should be something that every marketer considers.